Taxpayers….(that means my money and your money) are shoveling bajillions of dollars at the lenders that caused the foreclosure crisis and precious little is being done to help the homeowners….the following shows where all our money is going….I can tell you that homeowners are not benefitting from these programs and all this federal money….
The following article was first published in Mother Jones Journal….read on…..
“” By Andy Kroll
The Treasury Department has allocated $75 billion to entice lenders to let beleaguered borrowers stay in their homes. And the companies getting most of that money””well, they’re the same companies that got the borrowers into this mess. At least 21 of the top 25 recipients in the Home Affordable Modification Program were major subprime lenders, according to the Center for Public Integrity. Meanwhile, not even 1 in 5 homeowners eligible for the program has gotten help.
| LENDER (PARENT COMPANY) | SUBPRIME LOANS (MINIMUM, 2005-2007) |
HAMP FUNDS AVAILABLE |
| Countrywide Financial (Bank of America) |
$97.2 billion | $4.5 billion |
| National City (PNC) | $68 billion | $610 million |
| Option One Mortgage (formerly H&R Block, now American Home Mortgage Servicing) |
$64.7 billion | $1.2 billion* |
| Wells Fargo | $51.8 billion | $2.5 billion |
| BNC Mortgage/Aurora Loan Services (Lehman Brothers) |
$47.6 billion | $448 million |
| Chase Home Finance/EMC Mortgage (JPMorgan Chase) |
$30 billion | $3.4 billion |
| IndyMac (OneWest) | $26.4 billion | $814 million* |
| Citigroup | $26.3 billion | $2.1 billion |
| EquiFirst/HomeEq (Barclays) | $24.4 billion | $553 million |
| Wachovia (Wells Fargo) | $17.6 billion | $1.4 billion |
| GMAC (Cerberus Capital) | $17.2 billion | $3.6 billion |
| * Funds available to parent companySources: Cent | ||
